Matt Gaetz admits that Republicans are holding US economy 'hostage'

During budget talks between President Joe Biden and Speaker Kevin McCarthy (R-California), many Democrats have accused House Republicans of holding the U.S. economy "hostage" —and repeatedly warned that if the U.S. defaults on its debt obligations, it will trigger a major economic crisis. McCarthy and members of the House Freedom Caucus have responded that Democrats are the ones being unreasonable and maintained that their demands for major budget cuts are not a "hostage" situation.

But Rep. Matt Gaetz (R-Florida), during a Tuesday, May 23 interview with Semafor's Joseph Zeballos-Roig, acknowledged that members of his party are treating the U.S. economy like a "hostage."

The far-right MAGA congressman told Zeballos-Roig, "I think my conservative colleagues, for the most part, support Limit, Save, Grow, and they don't feel like we should negotiate with our hostage."

READ MORE: Republicans have no coherent 'fiscal proposals' as they 'hold the debt ceiling hostage': columnist

The New Republic notes, "Bear in mind that 'Limit, Save, Grow' involves instating work requirements for Medicaid and food stamps, reducing newly-introduced funding for the Internal Revenue Service that has already led to massively faster call times for Americans, repealing green energy programs, and blocking Biden from relieving 43 million Americans from crippling student debt."

Treasury Secretary Janet Yellen has warned that the U.S. could begin defaulting on its debt obligations as soon as June 1 if Biden and House Republicans don't reach some type of budget agreement soon.

READ MORE: 'Defaulting' on America's debt isn’t 'conservatism' — it’s recklessly 'irresponsible': conservative